According to CryptoQuant CEO Ki Yong Joo, the recent influx of Bitcoin (BTC) from Coinbase is reminiscent of “prime evidence” days and may be a sign of an optimistic future.

Data from cryptocurrency analysis firm shows that over 15,200 BTC worth over $ 515 million were withdrawn from Coinbase on January 31.

According to Ki Yong Joo, the withdrawals were “in portfolios with only current transactions,” and were possibly “an over-the-counter institutional investor transaction” based on multiple identifiers.

He also noted that splitting a 15,000 BTC wallet into wallets containing 1,000 to 5,000 BTC increases security costs. Additionally, most internal transfers take place in circular amounts, for example from 1,000 to 5,000 bitcoins, while this transfer involved various batches of 1265, 2391 and 1957 bitcoins.

As for why Coinbase’s influx is an upbeat sign of the leading cryptocurrency, Ki Yong Joo was linked to a previous tweet on December 18, which states that “If Coinbase moves a large amount of Bitcoin to other cold wallets, this indicates OTC transactions. They are non-exchange operations.

He said:

“Since price is ultimately determined in the stock markets, the sheer volume of non-exchange transactions is an optimistic signal. These transactions involve OTC transactions.”

The slow influx of institutions in the cryptocurrency sector is helping to increase the legitimacy of the cryptocurrency sector as a whole and appears to provide some support for the BTC price as the available supply remains locked in cold storage. …

While the media cited the price of Bitcoin falling from $ 42,000 to below $ 30,000 as a sign of the BTC bubble bursting again, the purchase of 4,000 BTC on February 1 indicated that institutions found an opportunity instead. Buy a drop and take full advantage of this opportunity.

Source: CoinTelegraph